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AMZN and GOOGL Rock After Earnings

July 29, 2016

The markets got off to a weak start this morning, but managed to recover quite a bit in the afternoon. The Dow closed down 16 points, the S&P 500 closed up 3 points, and the NASDAQ closed up 19 points. The technology issues also put in a constructive session. Meanwhile, the energy sector was an area of weakness, with crude oil declining to just about $41 a barrel. There were a few economic reports this morning. The initial jobless claims rose to 266,000 for the week of July 23rd. This figure was slightly higher than analysts had anticipated. Tomorrow will be a somewhat busy day for reports. We will get a look at the advanced estimate for second quarter GDP. Analysts expect that the economy expanded at a rate of 2.6% for the period. Also, the Chicago PMI for the month of June is also due to be released. Elsewhere, the second-quarter reporting season continues. Today, shares of Facebook traded higher, after the social media giant posted encouraging figures. Both AMZN and GOOGL report earnings after the close today.